Cancel Shipping Guarantee if Bill of Lading is Lost

With the introduction of Uniform Rules for Documentary Guarantee or URDG 758, the rules for Documentary Guarantee seem to be popular again. It can be imagined from the increasing number of questions that have popped up in recent days. Documentary Guarantee Forum is an effort to develop a platform to discuss these questions.
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senaka
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Cancel Shipping Guarantee if Bill of Lading is Lost

Post by senaka » Fri Sep 28, 2012 8:49 am

Collecting bank issues a shipping guarantee to the drawee to clear cargo. If the original Bills of lading are lost whta are the possible course of action available to cancel the said shipping guarantees. The shipping line requires a bank guarantee valid for 6 years from the principals in order to issue duplicate B/Ls. Are there any alternative options?
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picant
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Joined: Wed Aug 20, 2008 1:49 pm

To Amortize

Post by picant » Wed Oct 03, 2012 8:24 pm

Hi Pal,

according to interlal law of a Country it is possible to declare to Authorities(Police etc) that the bill of lading has been lost, then start a legal action to amortize said document. When a Court or other Governmental Authority will declare the bill of lading null and void, the shipping compay will release te guarantee. To obtain such declaration it takes from 6 months to 2 years,
Other comments and suggestions appreciated
Ciao
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